Organisations across the globe are facing the challenge of skilled labour shortages. Hiring new employees can be a significant financial and administrative investment that takes time, so prioritising the retention of existing staff has become a high priority. Reducing staff turnover not only saves money but also helps foster a positive company culture and develops future-focused thinking.
However, according to PwC’s 2022 Workforce Hopes & Fears Survey, four in ten employees in Asia Pacific are not satisfied with their job and one in five intend to switch to a new employer in the next 12 months.
Less than half of APAC companies are investing in upskilling workers
A key area of effective employee retention centres around upskilling (developing existing skills to optimise performance) and re-skilling (teaching new skills for a different role). By focusing on both sides of the skills coin businesses can foster new capabilities, stay competitive, show commitment to its people and ensure employees are ready for the demands of the future.
While the benefits are undeniable, less than half (45%) of APAC companies are upskilling workers, and 42% are worried their employer will not teach them the technology skills they need. These findings suggest a significant disparity between what employees want, and what they are getting.
The challenges of virtual training
This story is from the December 2022 edition of People Matters.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the December 2022 edition of People Matters.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
How Digital Transformation Can Power The Great Reset
Technology has the potential to serve as the key enabler of change between digitalising administrative tasks and fostering human connections
The Crypto Meltdown Of 2022
FTX implosion: A setback, but not the end for the crypto market
Govern Pre-IPO Unicorns to Create Value; Not Valuation
Billion-dollar startups always make the headlines. But is there true value behind those eye-catching valuations? How can proper governance be implemented for these much-hyped companies?
On change and change management
The best way to end the year, especially such a disrupted one as 2022, is by laying the groundwork for the year to come. Michelle Yong, Head of Resourcing at Shell, offers some insights on change management to bring us forward into 2023
The Great Reconnection: A paradigmatic moment for employers and employees
This year has not been a good one for employee retention. The Great Resignation, originally thought to be a US phenomenon, has emerged in Asia now. But is there a way to turn it into the Great Reconnection?
Lessons Managing in leadership: a global hybrid team
What takeaways can we draw from the pandemic? Fatima Koning, Chief Commercial Officer at IWG, shares what the last five years have taught her about managing a global sales team across 120 markets in the hybrid model
Eight HR trends that we saw throughout 2022
As companies manage their workforces in a dynamic era, HR departments have continually adapted and adjusted, and never more than this year as digital acceleration and workplace evolutions came together
One way to turn the tide of employee retention
There's a surprising link between skill development opportunities and job satisfaction. Here are some ways of boosting skilling and thereby talent retention
A key focus for L&D going into 2023 should be business alignment
Venkat Subramaniam of Degreed believes that learning is core to business success and organisations need to invest in the right processes and technologies to adapt to continuous change
WOMEN IN LEADERSHIP CAN BE GAME GHANGER FOR INCLUSIVE FUTURE OF WORK
BREAKING FREE FROM THE STEREOTYPES IN THE INSURANCE SECTOR, PAMELA THOMSON-HALL SHARES HER JOURNEY OF BEING A CHAMPION FOR WOMEN AND BRINGING ABOUT A CHANGE IN A MALE-DOMINATED INDUSTRY
